China’s Nio Aims To Raise $1.8 Billion In IPO

China'sNio aims to raise $1.8 billion in the initial public offering, the company announced in a filing on Monday.

Nio's move to sell shares in the United States comes at a time when Tesla CEO Elon Musk has a plan to set up a huge factory in Shanghai, China to corner a market where the government is promoting new-energy vehicles with incentives for buyers.

Nio could make delivery of its more affordable ES6 sport-utility vehicle in 2019 and it expects to bring out a sedan called the ET7 in 2020. The cars provide music streaming through Tencent, and delivery services are available through China's JD.com. The automaker said that it had delivered 481 ES8 vehicles through July and had "unfulfilled reservations" for more than 17,000 electric vehicles.

Nio had a net loss of $502.6 million on less than $7 million in revenue in the first half of 2018, according to the filing.

Li Bin, founder and CEO of NIO Automobile, said in an open letter in the foreword of the prospectus that 50 million shares, i.e. one-third of the total shares, will be transferred to "user trust fund".

American, Japanese and European auto giants dominate sales of combustion engine vehicles in China, but homegrown firms unencumbered by the billions sunk into refining gasoline engines are in the driver's seat when it comes to electric cars. Since the start of 2017, the company has spent more than $1.6 billion split between research and development expenses and selling and administrative costs. The billionaire has said he plans to take the money-losing company private at US$420 a share, valuing Tesla at US$82 billion. "To the extent accidents associated with our autonomous driving systems occur, we could be subject to liability, government scrutiny and further regulation". Nio has said it plans to sell cars in the US beginning in 2020, but a potential trade war between the USA and China could interfere with those plans.

The lead joint bookrunners in the deal are Morgan Stanley, Goldman Sachs and J.P. Morgan.

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In addition to the investment, Salar Kamangar, former YouTube CEO and one of Google's first employees, will join Oscar's board. Alphabet was "thrilled" to invest further to help Oscar in its next phase of growth, a company spokeswoman said.

Among the things that puzzled investigators is that Shanann Watts' purse and medications for the children were found at her house. They had an "emotional conversation" prior to her leaving, but Watts declined to classify it as an argument, he told KMGH .

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